Filing Flows › CubeSmart (CUBE) › Q2 2025
CubeSmart (CUBE) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 1, 2025
CubeSmart (CUBE) reported revenue of $282M for the second quarter 2025 (Q2 2025), +6% from a year earlier and +3% from the quarter before. Operating margin was 39.6%, net earnings $83.0M (29.4% of revenue).
CubeSmart, Q2 2025: revenue $282M (+6% year over year), operating margin 39.6%, net earnings $83.0M, operating cash flow $157M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $282M | +3% | +6% |
| Operating profit | $112M | -3% | -5% |
| Net earnings | $83.0M | -7% | -12% |
| Operating cash flow | $157M | +8% | -8% |
| Free cash flow | $147M | +6% | -8% |
What changed
Revenue was $282.3M in Q2 2025, up 6% year over year and up 3% from the previous quarter.
Operating profit was $111.9M, a 39.6% margin (down 4.5 points year over year). Operating profit fell $5.6M even though revenue rose $16.1M versus a year earlier, so costs grew faster than sales. Total costs grew 15% against revenue growth of 6%. The fastest-growing cost line was Other operating costs (+30%). Net earnings were $83.0M, down 12% year over year ($82.4M including minority interests, which bore $528K of losses). The effective tax rate was 0.0%.
Operating cash flow was $157.5M (down 8% year over year), 191% of net earnings. Non-cash charges added back $67.7M of depreciation and amortization and $2.5M of share-based compensation. Capital expenditures of $10.2M left free cash flow of $147.2M.
Questions
What was CubeSmart's revenue in the second quarter 2025?
CubeSmart (CUBE) reported revenue of $282M for the second quarter 2025 (Q2 2025), +6% from a year earlier and +3% from the quarter before.
Was CubeSmart profitable in the second quarter 2025?
Operating profit was $112M (39.6% of revenue) and net earnings $83.0M.
Source: CubeSmart 10-Q on SEC EDGAR.